(3) Assets received and held by the corporation subject to limitations permitting their use
only for charitable, religious, eleemosynary benevolent, educational, or similar purposes,
but not held upon a condition requiring return, transfer, or conveyance by reason of the
dissolution or liquidation, shall be transferred or conveyed to 1 or more domestic or
foreign corporations, societies, or organizations engaged in activities substantially similar
to those of the dissolving or liquidating corporation as the Court may direct;
(4) Other assets, if any, shall be distributed in accordance with the provisions of the articles
of incorporation or the by-laws to the extent that the articles of incorporation or by-laws
determine the distributive rights of the members or any class or classes of members, or
provide for distribution to others; and
(3) Any remaining assets may be distributed to such persons, societies, organizations, or
domestic or foreign corporations, whether for profit or not for profit, specified in the
plan of distribution has been adopted, as the Court may direct.
(d) The Court shall have power to allow, from time to time, as expenses of the liquidation,
compensation to the receiver or receivers and to attorney in the proceeding, and to direct the
payment thereof out of the assets of the corporation or the proceeds of any sale of disposition
of such assets.
(e) A receiver of a corporation appointed under the provisions of this Section shall have authority to
sue and defend in all courts in his own name as receiver of such corporation.
(1) The Court appointing such receiver shall, for the purposes of this Chapter have
exclusive jurisdiction of the corporation and its property, wherever situated.
Legislative History-Enacted 10/14/04, Resolu. 2005-04; Readopted 8/01/06, Resolu. 2006-524.
Section 36-45 Qualification of Receiver
36-45.01 Qualification of Receivers. A receiver shall in all cases be a natural person or a domestic
corporation authorized to act as receiver, and shall in all cases give such bond as the Court may direct with
such sureties as the Court may require.
Legislative History-Enacted 10/14/04, Resolu. 2005-04; Readopted 8/01/06, Resolu. 2006-524.
Section 36-46 Filing of Claims in Liquidation Proceedings
36-46.01 Filing of Claims in Liquidation Proceedings.
(a) In proceeds to liquidate the assets and affairs of a corporation, the Court may require all
creditors of the corporation to file with the Clerk of Court or with the receiver, in such form as
the Court may prescribe, proofs under oath of their respective claims, it shall fix a date which
shall be not less than 4 months from the date of the order, as the last day for the filing of
claims, and shall prescribe the notice that shall be given to creditors and claimants of the date
so fixed.
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(b) Prior to the date so fixed, the Court may extend the time for the filing of claims.
(c) Creditors and claimants failing to file proofs or claims on or before the date so fixed may be
barred, by order of the Court, from participating in the distribution of the assets of the
corporation.
Legislative History-Enacted 10/14/04, Resolu. 2005-04; Readopted 8/01/06, Resolu. 2006-524.
Section 36-47 Discontinuance of Liquidation Proceedings
36-47.01 Discontinuance of Liquidation Proceedings.
(a) The liquidation of the assets and affairs of a corporation may be discontinued at any time during
the liquidation proceedings when it is made to appear that cause for liquidation no longer exists.
(b) In such event the Court shall dismiss the proceedings and direct the receiver to redeliver to the
corporation all its remaining property and assets.
Legislative History-Enacted 10/14/04, Resolu. 2005-04; Readopted 8/01/06, Resolu. 2006-524.
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Revised Spokane Law & Order Code, 5/14/2013